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Chinese operator of theme parks and large-scale live theatrical shows in tourist destinations.
Chinese operator of theme parks and large-scale live theatrical shows in tourist destinations.
Sells tickets to its live shows and parks, so revenue depends on visitor numbers at each site and on a few flagship shows, most notably in Hangzhou. Each new site needs heavy upfront investment in theatres and parks, so results swing with tourism and the timing of openings.
In one line: A China-based Cirque du Soleil/theme-park operator hybrid.
Moat: narrow (brand, installed base). Well-known branded live-show format across multiple scenic-area locations.
Headquarters: Hangzhou, China · Employees: 1,476
Size Songcheng Performance Development (300144.SZ) is a China Communication Services company (Movies/Entertainment) with a market value of $2.17B, the 1175th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.49 on 6 Nov 2026.
Performance Over six months the shares fell 28.7%, against +5.3% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 15.2% over the last twelve months (peer median +1.6%); the operating margin is 36.6% (peer median 7.0%).
Valuation It trades at 20.8× forward earnings against a peer median of 28.7× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (9.4% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.89B | CN¥2.25B | CN¥2.38B | CN¥1.90B | CN¥430M |
| Revenue growth | — | -5% | +25% | +341% | — |
| Gross profit | CN¥1.35B | CN¥1.40B | CN¥1.55B | CN¥1.20B | -CN¥65.2M |
| EBITDA | n/a | CN¥1.40B | CN¥1.65B | CN¥1.36B | CN¥163M |
| Net income | CN¥603M | CN¥818M | CN¥1.05B | -CN¥110M | -CN¥47.7M |
| Free cash flow | CN¥642M | CN¥1.28B | CN¥1.12B | CN¥1.02B | CN¥100M |
| Capital expenditure | CN¥226M | CN¥268M | CN¥327M | CN¥396M | CN¥246M |
| Total debt | CN¥143M | CN¥386M | CN¥435M | CN¥500M | CN¥643M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Songcheng Performance Development 300144.SZ | $2.17B | -29% | -15% | 37% | 20.8× | 5.6% |
| Shenzhen Overseas Chinese Town 000069.SZ | $2.00B | -25% | -22% | -32% | n/a | 1.1% |
| Haichang Ocean Park 2255.HK | $349M | -52% | -16% | -42% | n/a | n/a |
| Walt Disney Company (The) DIS | $202B | +9% | +5% | 15% | 15.4× | 14.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300144.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | +10.3% | 4th lowest of 21 |
| 6-month return | -28.7% | +5.3% | lowest of 21 |
| Distance from 52-week high | -42.0% | -17.3% | 4th lowest of 21 |
| Revenue growth (TTM) | -15.2% | +1.6% | 7th lowest of 21 |
| Operating margin | 36.6% | 7.0% | highest of 21 |
| Forward P/E | 20.8× | 28.7× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 5.5% | 7th most demanding of 14 |
| Growth delivered (Del g) | +20.1% | +18.0% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -14.5 pp | -7.6 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +6.3 pp | -4.2 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Songcheng Performance Development 300144.SZ | China | $2.17B | -29% | -15% | 37% | 20.8× | 5.6% | +20.1% |
| ROUND ONE 4680.T | Japan | $2.22B | +42% | +21% | 15% | 16.3× | 4.3% | +25.5% |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | n/a | 1.1% | -17.4% |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 13.9× | -9.1% | +22.0% |
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| Zhejiang Huace Film & TV 300133.SZ | China | $2.79B | +15% | +44% | 8% | 50.4× | n/a | n/a |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 28.7× | 15.7% | +88.3% |
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | n/a | 36.1% | +18.3% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% | +0.1% |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | n/a | n/a | n/a |